Friday, March 4, 2016

Exhaust affair: California pension fund sues VW – SPIEGEL ONLINE

Now with the California State Teachers’ Retirement System (CalSTRS) also one of the largest US pension fund Volkswagen wants to sue in Germany. The depreciation of the VW shares after the announcement of the exhaust scandal CalSTRS million have lost, the fund said on Friday. The general aim was to compensate for that damage and to send a clear signal to VW and the entire auto industry.

CalSTRS held in late December 2015 in accordance with its own specifications VW shares worth of 52 million dollars. Overall, the fund, which is responsible among other things for the pension of 900,000 teachers and family members in California, well managed $ 179 billion.

When Landgericht Braunschweig numerous lawsuits from shareholders already pending. VW had rejected the pending shareholder lawsuits as unfounded a few days ago.

The prescribed in company law obligation to disclose potentially share price moving insights (ad hoc duty) was not violated because the Board only on 18 September 2015 – just before the scandal came to the public – key information around the manipulation of diesel engines have become known.


the shareholders before a court, VW had informed too late about the manipulation, thereby breaching the ad hoc duty. On 18 September last year, not VW, but the US Environmental Protection Agency had made the process public. VW conceded the manipulations that affect approximately eleven million vehicles worldwide, two days later.


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